Oil prices push toward $85 as Iran sanctions in the offing

Brent crude oil prices hit their highest level since November 2014 on Monday ahead of U.S. sanctions against Iran that kick in next month.

Brent sweet crude oil futures rose to as much as 83.27 dollars a barrel. U.S. West Texas Intermediate (WTI) crude futures were at 73.57 dollars a barrel.

Brent was pushed up by the looming sanctions against Iran, which will start targeting its oil sector from Nov. 4. There had been expectations China would ignore U.S. sanctions.

However, China’s Sinopec is halving loadings of crude oil from Iran this month, in a sign that pressure from Washington is having an effect.

Source: The Nation

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